Ripple will provide the infrastructure for new payment systems between 27 African countries, Australia, the United Kingdom and the Persian Gulf Cooperation Council (GCC) under a deal with African mobile payment provider Onafriq.
Onafriq will use Ripple Payments’ blockchain technology along with three other partner companies. Zazi Transfer will provide transfer services to Australia, PayAngel will serve the United Kingdom and Pyypl will serve the GCC member states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
International remittances make up the majority of cross-border payment systems in Africa. Aaron Sears, Ripple’s senior vice president of global customer success, told Cointelegraph:
“Sub-Saharan Africa is proving to be an important area for cryptocurrency adoption as consumers in countries like Nigeria, Kenya and South Africa use digital assets for everyday real-world use.”
Pyypl already partners with Ripple on an on-demand liquidity (ODL) solution, and Onafriq is said to have integrated with ODL. reports.
Onafric was known as MFS Africa until early November. The company changed its name in June 2022 due to its acquisition of US mobile payment software developer Global Technology Partners. MFS is a registered trademark of the Company in the United States. Onafric Closed An agreement with Western Union for cross-border transactions earlier this year.
Nice to see you all in Dubai!
Day 1 of #RippleSwell Starting tomorrow. pic.twitter.com/QTVGniRlBx— Ripple (@Ripple) November 7, 2023
Nice to see you all in Dubai!
Tomorrow is the first day of #RippleSwell.
— Ripple (@Ripple)
Ripple Payments was called RippleNet before its latest update, which was announced at Ripple’s customer event Swell in Dubai on November 8.
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